The Government has recently announced that the statutory legacy under the intestacy rules is rising from £250,000 to £270,000 on 6th February 2020.
If a married person dies without making a Will (known as intestacy) the assets of the deceased are divided as per the intestacy rules. This means that the first £270,000 (previously £250,000) passes to their spouse and the remainder is divided 50% to the surviving spouse and 50% to the children of the deceased. If there are no children then the surviving spouse receives the entire estate.
However, it is not advised to rely on the intestacy rules and you should always consider making a Will. There are many reasons for this but one of the main ones is that the matrimonial home is commonly the biggest asset of an estate, should that home be worth more than £270,000 then the surviving spouse may then own the property with the children of the deceased. These children are not always the children of the marriage. Therefore there may be disputes amongst the surviving family members.
Further, if the children of the marriage are young, then other considerations need to be made such as when you wish for them to inherit (the statutory age is 18) and who should be guardians for them if a parent passes away.
If you would like to discuss your needs and making a Will please do contact Robertsons on 02920 237 777 or firstname.lastname@example.org